By KHT Staff
KAOHSIUNG — China Petrochemical Development Corp. (中石化) is in talks with a Singapore-based investor over the sale of a large parcel in the Asian New Bay Area, with the prospective buyer proposing a medical complex, according to a Tuesday social media post by an independent property journalist.
The 36,318-ping (about 12-hectare) site in Cianjhen District (前鎮區) is designated Special Trade Zone 5 (特貿五). Reports say the investor is interested in buying the entire property and developing facilities for medical care and related services. The two sides have yet to agree on a price, and hope to conclude a deal by the end of the year. No sale has been announced.
The land has failed to sell in three previous tenders. The company had reportedly considered dividing it into smaller parcels to attract buyers. Zoning rules for the area also limit residential use to 20 percent of the permitted floor area, leaving most development for commercial purposes. Reports noted the proposed medical project would require local government approval.
A sale near the company’s reported target of NT$290 billion would help ease CPDC’s financial pressure, but that figure is a negotiating target, not an agreed sale price.
